{"id":46924,"date":"2024-01-29T14:11:15","date_gmt":"2024-01-29T19:11:15","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/musk-focuses-on-supply-chain-penny-pinching-as-growth-cools\/"},"modified":"2024-08-19T11:31:59","modified_gmt":"2024-08-19T15:31:59","slug":"musk-focuses-on-supply-chain-penny-pinching-as-growth-cools","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/musk-focuses-on-supply-chain-penny-pinching-as-growth-cools\/","title":{"rendered":"Musk focuses on supply chain penny-pinching as growth cools"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a03b086e82f7]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a03b086e82f7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Musk focuses on supply chain penny-pinching as growth cools<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a03b086eec48'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 29, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a03b086f13a8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Background<\/h2>\n<p>Tesla Inc. executives said the company will focus on cutting supply chain costs this year, as it is \u201cbetween two major growth waves.\u201d That didn\u2019t stop the stock from falling as much as 10% on missed earnings estimates.<\/p>\n<p>The focus on improving profitability comes amid lower expectations for EV demand in the US and Europe. Restrictions on importing low-cost Chinese technology have also contributed to a rout among Tesla\u2019s suppliers, rivals and customers. Bloomberg Intelligence sees this step back as a \u201cprelude to two steps forward,\u201d with Tesla improving efficiency for its parts, processes and vehicles in 2024 before introducing a new mass-market model in 2025.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Gain a strategic advantage<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_6843770241486186430\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/corporations\/corporate-strategy\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The issue<\/h2>\n<p>\u201cAs we introduce new products, we have the opportunity to go renegotiate existing suppliers for better pricing,\u201d Tesla Vice President Karn Budhiraj said. He cites a 22% year-on-year cut in inbound logistics costs and having options for battery suppliers, including its own 4680 battery.<\/p>\n<p>CEO Elon Musk is chasing design-driven cost cuts and is optimistic about commodity price declines. The company \u201cmay need more time to navigate its rough patch,\u201d writes Steve Man, a BI auto analyst. But the cost-management focus will give it \u201cgreater flexibility to cut prices more, if necessary.\u201d<\/p>\n<p>Tesla shares dropped 17% in the month before its earnings after rising competition prompted it to cut Model 3 prices by 6% in China, and Red Sea shipping attacks disrupted production at its Model Y plant near Berlin. Rivals like Ford Motor Co. and BMW AG also declined as they failed to rival Tesla and China\u2019s BYD Co. in either software or costs.<\/p>\n<p>Suppliers from battery maker LG Energy Solution Ltd. to miner Glencore Plc saw their stock fall 10% or more in the month to Jan. 23. Customer Hertz Global Holdings Inc. slumped 15%, as it decided to sell 20,000 EVs due to their low resale values and high repair costs.<\/p>\n<p>Battery metal prices slumped as new supply failed to find sufficient demand. Lithium dropped 80% on the year to Jan. 23, as aluminum, nickel, copper, cobalt and steel all fell. Median price forecasts for lithium, nickel and cobalt point to minimal price growth in 2024 as the EV demand slowdown erodes metals demand.<\/p>\n<h2>Tracking<\/h2>\n<p>Use Bloomberg\u2019s DS, SPLC, BNEF and BI tools to analyze fundamentals across the EV supply chain.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"501\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Musk ffm\" title=\"Screen-Shot-2024-01-29-at-1.49.35-PM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2024-01-29-at-1.49.35-PM.png 1594w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a03b08708811]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a03b08708811'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a03b0870c2af'] = 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year.<\/p>\n","protected":false},"author":1679,"featured_media":45485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[540,453,524,444],"tags":[451,3662,3670,445],"series":[],"class_list":["post-46924","post","type-post","status-publish","format-standard","hentry","category-commodities","category-markets","category-sustainable-finance","category-trading","tag-corporations","tag-esg","tag-functions-for-the-market","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Musk focuses on supply chain penny-pinching as growth cools | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Tesla Inc. executives said the company will focus on cutting supply chain costs this year.\" \/>\n<meta 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